means A polite or formal word for a woman, sometimes a noble title, and often a courteous substitute for simply saying 'woman'.

from From Old English hlǣfdige, a compound of hlāf 'loaf, bread' and a second element related to dīge 'kneader' — literally 'the loaf-kneader,' the mistress of a household who oversaw the bread. (Its counterpart 'lord' is hlāfweard, 'loaf-guardian'.) Over centuries the rough edges wore off through sound change until 'loaf-kneader' smoothed into the single soft syllable 'lady,' rising in status as it shrank in form.